Unfortunately, the scope of the improvement in rates was nowhere near that of the stock market rout. The average lender is back in line with last Thursday afternoon in terms of today's mortgage rate quotes. Last Thursday afternoon--at the time--was still the worst day in several years. [30YR FIXED - 4.375-4.5%]emphasis added

Tuesday:
• At 8:30 AM ET, Trade Balance report for December from the Census Bureau. The consensus is for the U.S. trade deficit to be at $51.9 billion in December from $50.5 billion in November.

• At 10:00 AM, Job Openings and Labor Turnover Survey for December from the BLS. Jobs openings decreased in November to 5.879 million from 5.925 in October. The number of job openings were up 4.4% year-over-year, and Quits were up 3.1% year-over-year.